The UK economy recovered strongly in 2021 with growth of 7.4%, following a contraction of 9.8% in 2020. The UK’s largest banks also showed strong results, posting a significant increase in profits compared to the previous year.
Lloyds Banking Group is this year’s best-performing UK bank from the country’s 10 largest lenders, with an overall score of 5.27, up from sixth place last year. Contributing to its rise is its strong performance in profitability and return on risk, where it is ranked first. In 2021, Lloyds Bank reported a pre-tax profit of £6.9bn, far higher than the £1.2bn from the previous year as the UK economy rebounded faster than expected from the pandemic. The bank’s results received a boost from the release of £1.2bn of provisions it had taken against bad loans.
